Zinc Rises as Nexa Jumps 2.32%; LatAm Supply in Focus
Key Facts
- Nexa Resources climbed 2.32% to US$14.12 in New York trading on Tuesday, September 8, 2026, outperforming the broader complex as zinc demand from galvanisers held firm.
- Buenaventura added 0.77% to US$34.16, a more muted move for the Peruvian precious and base metals producer compared with the pure-play zinc name.
- Spot zinc was indicated around US$3,975 per metric ton on Tuesday, with one daily feed showing a 1.16% rise to US$4,019.10 per ton, a modest gain into the settled session.
- LME three-month zinc held near a four-year high around US$3,972 per ton in early September, driven by persistent supply fears rather than a demand surge.
- Nexa produced 316 thousand tonnes of zinc in concentrate in 2025 and guides for 310 to 360 thousand tonnes in 2026, implying roughly 6% growth at the midpoint.
- The average LME zinc price in the first quarter of 2026 was US$3,241 per ton up 14% year-on-year, a move Nexa attributes to persistent supply constraints.
Today’s Focus
Zinc held its ground on Tuesday, September 8, 2026, with Latin America’s two main listed proxies moving in the same direction. Nexa Resources, the Peru- and Brazil-focused miner and smelter, rose 2.32% to US$14.12 in New York. Buenaventura gained a softer 0.77% to US$34.16.
The daily commodity move was modest but positive. One widely followed feed put zinc at US$4,019.10 per ton, up 1.16% on the day, while other live indications sat between US$3,975 and US$3,988.90. The backdrop is a market near four-year highs, with benchmark three-month metal around US$3,972 per ton.
The story is supply, not demand euphoria. Nexa’s own filings show the first-quarter 2026 average zinc price was US$3,241 per ton, up 14% from a year earlier, on what it calls persistent supply constraints. For foreign investors, the takeaway is that Latin America’s zinc names are moving with a tight physical market, not a broad industrial boom.
What matters today. Zinc’s strength is tied to constrained supply and steady galvanised-steel demand, which benefits Nexa more directly than Buenaventura given its pure-play zinc exposure across Peru and Brazil.
01 The session in one read
Zinc finished Tuesday, September 8, 2026 on a firm note, with the two main Latin American listed proxies moving higher. Nexa Resources, the largest pure-play zinc miner in the region, rose 2.32% to US$14.12 in New York.
Peruvian miner Buenaventura added 0.77% to US$34.16, a gentler gain that reflects its broader silver, gold and copper exposure rather than a single zinc driver.
The zinc market is in a supply-led rally. With benchmark LME metal near four-year highs and Nexa’s realised price up 14% year-on-year in the first quarter, the move reflects constrained mine and smelter output rather than booming construction. Nexa’s US$14.12 close, up 2.32%, suggests investors are rotating into the most direct Latin American exposure to that tightness. The variable to watch is any guidance change from Nexa on Cerro Lindo or Aripuanã, since even small volume surprises could move the shares.
02 The board
Daily commodity indications showed zinc around US$3,975 per metric ton at the settled session, with one widely followed feed quoting a 1.16% rise to US$4,019.10 per ton. Another live reference for LME zinc printed near US$3,988.90.
Those numbers are consistent with a market that has pushed benchmark three-month metal to roughly US$3,972 per ton, a level described in early September as a more than four-year high. The board tells a story of incremental gains on top of an already stretched supply picture.
| Asset | Level | Change |
|---|---|---|
| Nexa Resources | US$14.12 | +2.32% |
| Buenaventura | US$34.16 | +0.77% |
Source: RT close, 2026-09-08. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 187,366.84 | +1.20% | +21.85% | 185,147.15 | 168,310 | 167,142 | — |
| IPSA | 11,315.26 | -1.14% | — | 11,445.90 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 65,010.39 | +0.44% | +12.17% | 64,727.54 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,075,982 | +1.36% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,569.47 | +0.15% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,620.96 | +1.05% | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
03 What moved it
The move is fundamentally about supply, not a sudden burst of construction demand. Nexa’s filings show the average LME zinc price in the first quarter of 2026 was US$3,241 per ton, up 14% year-on-year and 2% quarter-on-quarter, a rise the company attributes to persistent supply constraints.
Because zinc is used mostly to galvanise steel for buildings, vehicles and infrastructure, demand moves slowly and steadily. The sharp price action instead reflects mine and smelter disruptions across the supply chain keeping the metal scarce.
Regional supply patterns reinforce that view. Nexa expects higher 2026 output from Aripuanã, Atacocha and Vazante, but lower volumes from Cerro Lindo and El Porvenir because of mine sequencing and slightly lower grades, meaning the local supply response remains uneven.
04 The Latin American read
Peru and Mexico are major zinc producers, and Brazil hosts several of Nexa’s assets, making Latin America a swing region for global supply. Nexa produced 316 thousand tonnes of zinc in concentrate in 2025 and guides for 310 to 360 thousand tonnes in 2026, implying about 6% growth at the midpoint.
For foreign investors, that means Nexa is the clearest equity route into the region’s zinc story. Buenaventura, while Peruvian and exposed to zinc, is more heavily watched for precious metals, which explains its smaller 0.77% move on Tuesday.
05 The names to watch
Nexa Resources remains the proxy to track for zinc. Its first-quarter 2026 consolidated zinc production reached 139.2 thousand tonnes, with total zinc metal and oxide output of 147.2 thousand tonnes, up 11% year-on-year.
Zinc sales in the same quarter totalled 147 thousand tonnes, up 13% from a year earlier. That means Nexa is capturing higher prices with rising volumes, a combination that explains the 2.32% share move to US$14.12.
Buenaventura is the second name, though its 0.77% gain to US$34.16 suggests investors are treating it as a diversified Peruvian miner rather than a direct zinc bet.
06 The outlook
The outlook depends on whether supply constraints persist into the fourth quarter. With benchmark zinc near four-year highs and Nexa guiding for higher 2026 output, any production miss at a major mine could extend the rally.
Galvanised-steel demand from construction and vehicle manufacturing remains the steady, slower-moving side of the equation. A sharp acceleration there would add a demand bid to an already supply-driven market.
07 What to watch
- Nexa production guidance: Any revision to 2026 guidance of 310–360 thousand tonnes, particularly at Cerro Lindo, would move the shares.
- Peruvian mine output: Peru is a swing producer; lower regional supply would tighten the market further and support prices.
- LME three-month zinc: Holding above US$3,972 per ton would confirm continued supply-driven strength and support Latin American miners.
- Galvanised-steel demand: A pickup in construction or automotive orders would add a demand leg to what is now a supply story.
Frequently Asked Questions
Why did Latin American zinc stocks rise on September 8?
Supply constraints have pushed benchmark zinc near four-year highs, and Nexa Resources captured that with a 2.32% rise to US$14.12 while Buenaventura added 0.77% to US$34.16.
Is zinc’s rally driven by demand or supply?
Supply. Nexa’s filings show first-quarter 2026 average LME zinc prices of US$3,241 per ton, up 14% year-on-year, on persistent supply constraints rather than a demand boom.
Which Latin American companies are the zinc proxies?
Nexa Resources is the main pure-play zinc miner across Peru and Brazil. Buenaventura offers Peruvian exposure but is more diversified across precious and base metals.
What is Nexa’s production outlook?
Nexa produced 316 thousand tonnes of zinc in concentrate in 2025 and guides for 310 to 360 thousand tonnes in 2026, roughly 6% higher at the midpoint.
Market data: RT
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